Global stock markets have been in turmoil since the start of the year, falling sharply as investors worry about the economic outlook, the slump in oil prices and concerns that central banks could run out of ammunition to cope with a downturn.

Commodity companies are under pressure after a slowdown in China, while banks have been hit by the arrival of negative interest rates and fears about their exposure to struggling sectors of the economy.

But some markets have bucked the downward trend, even if they are not completely immune to the current volatility.

Latvia

The Baltic state is expected to approve a new government this week, which has pushed the Riga stock market up 4.2% in the first weeks of the year, despite worries about the effect of the Middle East refugee crisis and uncertainty over Russian intentions towards the country. It has reformed its tax system and, despite sanctions on Russia hitting its exports, it has one of the fastest-growing economies in Europe, with GDP up by 2.6% in the fourth quarter.

Slovakia

The economy has recovered strongly since the global financial crisis, with growth of 3.6% in 2015, which has helped push its stock market up 4.1% this year. The country is particularly strong in car production, the world’s largest producer per capita, making more than 1m VW, Peugot Citroën and Kia vehicles last year. Three car plants are already in production and a fourth - for Jaguar Land Rover - is expected to come on stream in 2018.

Indonesia

The Jakarta composite index has climbed 3.8% so far this year, boosted by a better-than-expected performance from its economy at the end of 2015. Fourth-quarter GDP grew by 5.04% as government spending on infrastructure and construction outweighed the effects of weak exports and consumption, up from 4.74% in the previous three months. Local investors have been encouraged by steps taken by President Joko Widodo late last year to boost investment and simplify the country’s complex regulatory system.

Colombia

The stock market has climbed 1.8% this year despite the oil price fall hitting exports. However, it is still one of the top performers in the region, and hopes of successful peace talks in March have also given support, with the promise of more aid from the likes of the World Bank to come.

Thailand

The military government has also taken steps to increase spending and investment and lift a flagging economy. But a recent pick-up in consumer demand allowed the country’s central bank to leave interest rates on hold rather than cut them, helping to support the banking sector. So the SET index has risen 1.24% since January.